FMN vs SBI: Correlation
Measured on weekly returns over the past three years, Federated Hermes Premier Municipal Income Fund (FMN) and Western Asset Intermediate Muni Fund Inc (SBI) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMN and SBI?
Across a 3-year window, the weekly returns of FMN and SBI correlate at 0.80, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.82 over 1 year against 0.80 over 3. Stretching to 5 years gives 0.71, with an annualized covariance of 70.2 %².
Among the 13 assets we track against FMN, SBI ranks #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +9.5% for FMN and +6.3% for SBI.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FMN vs SBI: side by side
| FMN (Federated Hermes Premier Municipal Income Fund) | SBI (Western Asset Intermediate Muni Fund Inc) | |
|---|---|---|
| 1-year return | +9.5% | +6.3% |
| 5-year return | -12.8% | +0.9% |
| Volatility (ann.) | 11.1% | 7.9% |
| Beta vs S&P 500 | 0.24 | 0.19 |
| Max drawdown (3Y) | -16.3% | -7.9% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | 9.7 | 12.5 |
| Dividend yield | 4.57% | 3.31% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMN | SBI |
|---|---|---|
| 2022 | -26.7% | -18.4% |
| 2023 | +9.2% | +5.4% |
| 2024 | +3.2% | +6.8% |
| 2025 | +6.8% | +5.9% |
| 2026 | +2.9% | +3.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMN and SBI good diversifiers for each other?
No: a correlation of 0.80 means FMN and SBI tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FMN and SBI?
As of 2026-08-27, the correlation of weekly returns between FMN and SBI is 0.80 over 3 years, 0.82 over 1 year and 0.71 over 5 years.
Is SBI a good diversifier for FMN?
No: a correlation of 0.80 means FMN and SBI tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: FMN correlations · SBI correlations
